QUESTION
What can I do if I already told them that I could afford to pay $50.00 a month and they said $100.00 would have to be the minimum amount?
Asked on May 14th, 2014 on Bankruptcy - California
More details to this question:
I did a voluntary repossession on this vehicle. The bank called me and stated that they sold the car for $7,000. The remaining balance due is $4,000 that I have to pay back. The representative on the phone stated that I would have to pay $250.00 a month and I told him I can't pay that much. Then he asked if I could do $150.00 a month. I told him the most I could pay each month would be $50.00. He then stated that $100.00 is the lowest they would accept each month to pay off this debt.
4 ANSWERS
Arbitration Attorney serving Irvine, CA
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Law Office of Linda K. Frieder
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You are negotiating. If they don't agree on the amount, they can take you to court and get a judgment. Keep negotiating.
Answered on May 16th, 2014 at 3:08 PM
You can go back and prove that you simply cannot afford to pay anymore. Bankruptcy is also an option.
Answered on May 15th, 2014 at 12:40 PM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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The Law Offices of Peter M. Lively
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Send the $50 each month and hope that the creditor doesn't take formal legal action.
Answered on May 15th, 2014 at 12:18 PM
Unfortunately, you might be forced to pay more if the lender sues you. The lender could sue you, get a judgment and get a court order allowing them to garnish 25% of your take home pay. That may be a lot more than $50/mo.
Answered on May 15th, 2014 at 10:22 AM